A residential purchase refers to the process of buying a home or property intended for living purposes. This can include single-family homes, condominiums, or townhouses. Buyers typically work with a real estate agent to find suitable properties, negotiate prices, and navigate the legal aspects of the transaction. Once a buyer selects a property, they usually make an offer, which may lead to negotiations with the seller. After agreeing on a price, the buyer secures financing through a mortgage lender and completes necessary inspections. Finally, the transaction is finalized at a closing meeting, where ownership is officially transferred.